Israel - an important trading partner of Vietnam

Director of the Asia-Africa Market Department under the Ministry of Industry and Trade Tran Quang Huy

Could you elaborate on the trade connection and trade promotion to boost bilateral trade between Vietnam and Israel?

Israel is one of Vietnam’s important trade partners in the Middle East. In the past five years, the bilateral trade turnover has doubled from US$1.1 billion in 2018 to US$2.2 billion in 2022.

The above results was attributed to the efforts of the Asia-Africa Market Department in promoting import and export between Vietnam and Israel, shown clearly through the following activities:

First, the department and the Vietnamese Trade Office in Israel make regular updates on market developments, changes in trade policies and new import regulations of Israel.

Second, a number of publications of the Vietnamese Trade Office published on websites and specialized magazines give businesses regular export orientations.

Third, trade promotion events such as seminars, exhibitions, and trade fairs held annually by the MoIT help Vietnamese enterprises seek direct cooperation opportunities with Israeli partners.

However, in order to better tap the potential of economic and trade relations between the two countries, businesses need to actively do the Israeli market research, participate in fairs, exhibitions, and other events held in Israel to boost export to this market.

In addition, as Israeli political situation is known to be unstable in the Middle East, businesses also need to regularly monitor political developments in Israel and the region to soon find reasonable solutions.

What are your recommendations to the Government, businesses, and industry associations so that the VIFTA Agreement can be signed and implemented in the near future?

We recommend that businesses and associations should actively learn about the Israeli market, participate in trade promotion programs to seek partners, and understand consumer needs and tastes, thereby gaining cooperation opportunities once the VIFTA is put into place.

In the coming time, the Asia-Africa Market Department is expected to coordinate with a number of related units to carry out the following tasks:

First, in terms of market information, the department will organize seminars, business talks to introduce and disseminate information about the Israeli market and contents of the VIFTA as well as its benefits for Vietnamese enterprises.

Second, the department and the Vietnamese Trade Office in Israel will continue to update information about Israel market developments, changes in trade policies, new import regulations and publish them widely on websites and magazines.

Third, representative agencies of the MoIT in foreign countries and the Vietnamese Trade Office in Israel are always willing to assist Vietnamese enterprises in verifying the legal status of partner enterprises in Israel.

Fourth, to meet the increasing interest of Israeli enterprises in doing business with the Vietnamese partners, the Asia-Africa Market Department develops plans annually to promote trade in this country. This year, it is expected to organize a trade promotion delegation to visit Israel in the third quarter.

Fifth, so far, Israeli investment in Vietnam has been made mainly in such areas as processing and manufacturing industry, information technology, and agriculture... In addition, some Israeli organizations and businesses are interested in cooperation in the fields of clean energy, renewable energy storage technology, solar power and high technology, and more.

It is clear that the potential for Vietnam-Israel investment cooperation is huge. Therefore, the department is expected to coordinate with relevant units to connect Israeli businesses/organizations to attract investment in the processing and manufacturing and clean energy sectors.

Thank you very much for your time!